The Fundamental Knowledge Every EOS Owner Needs |
Posted: August 8, 2021 |
EOS is a blockchain-based, decentralized operating system that provides shared computing resources. EOS coin is the native cryptocurrency of the EOS network and can be used to avail services or as an investment asset. EOS holders also have voting rights in EOS governance, which they can use to vote on proposed changes in the EOS system. This article will provide fundamental knowledge for EOS tokens with regards to their features, benefits and limitations. EOS is the fifth most valuable cryptocurrency globally, and EOS coin has a market capitalization of over $12 billion.
EOS coin:EOS coin is the native cryptocurrency of the EOS network. Developers can use EOS coin to utilize EOS network resources to build and execute smart contracts. EOS can also serve as a trading or investment asset and be used to access any of the services provided by the EOS network.
The History of EOS:EOS has been designed to simplify the development of decentralized applications. With EOS, users can use a range of standard apps with minimal effort.
Block.one formally announced the project in 2017, with developers using EOS tokens on the EOS network for smart contract building and execution purposes. Holders are also rewarded for their stake, while users can trade or hold coins as digital assets.
EOS has been a highly successful ICO, raising nearly $5 billion in 2018 and over 35% of the total funds raised by cryptocurrency entities so far.
When it was first started, the price of one EOS token was about $2.20. However, within 24 hours of release, each EOS token doubled to reach $5.40 per unit.
What is EOS used for?The EOS blockchain is a powerful and accessible tool for developers to create highly scalable Apps.
EOS tokens are the currencies that power our blockchain. They provide bandwidth and storage to developers and holders on the network and can be used as an investment asset.
Recently, EOS has partnered with Galaxy Digital, Google Cloud, and other projects to boost its network efficiency. This is why the blockchain community has so readily adopted EOS. EOS token currently ranks among the top ten cryptocurrency tokens by market cap.
How does EOS work?EOS uses a delegated proof-of-stake consensus mechanism to find a block before adding it to the chain. As soon as the block is appended, validators receive their proportional reward depending on their bet. Though similar to Ethereum, the EOS token is governed by different rules. To execute a smart contract on the EOS network, they must hold sufficient shares of the corresponding resource per action required.
Two hundred billion out of the total token volume were sold during the first five days of ICO sale, and the remaining 400 billion were split evenly among 23 hours of ICO sale.
The EOS token can be used as a means of payment for goods and services on the EOS network. EOS coin holders are rewarded with tokens proportional to their stake in EOS when block producers generate new blocks, done once every three seconds.
We hope this blog post has helped provide you with the fundamental knowledge every EOS owner needs. To learn more about EOS Crypto, check out the EOS Blog of EOS Coin Wire.
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